Takaful Still Growing By 23% Says Latest Figures

Latest comparative figures for Takaful, collated by the World Islamic Insurance Directory (WIID) released at the World Takaful Conference today (April 16th) shows that worldwide Islamic insurance contributions grew by 23% to US$13.6 billion in 2010. And takaful operators are sprouting in new markets around the globe.

The WIID, published jointly by Takaful Re (TRL) and Middle East Insurance Review (MEIR), said that the Far East region recorded the highest growth rate of 32% on the back of $1.95 billion in contributions, while the GCC led by Saudi Arabia maintained the largest share of contributions growing a further 17% to US$5.7 billion. The Directory showed that the GCC accounted for almost 40% of the takaful pie with South East Asia coming a far second with an 11.8% share in 2010 based on figures compiled through inputs given by the various takaful operators around the world. 2011 figures are still not fully available for global comparison.

The total number of Islamic insurance operators worldwide remains unchanged at 195. The GCC had the largest number of Islamic insurance operators, standing at 77, followed by the Far East (40) and Africa (32). By class, family and medical account for almost half the takaful business while motor came in second with a 32% share. In Southeast Asia, the life and health accounted for a hefty 60% share. 

“The takaful industry has been able to hold its own amid economic, regulatory and political challenges. With 2012 likely to pose a fair mix of opportunities and threats, I believe the lessons learnt in the growing up years would put the developing industry in a strong position to remain on firmly on course,” said Mr Chakib Abouzaid, CEO of Takaful Re.

The 6th WIID provides a snapshot of operators in the dynamic takaful arena, capturing key corporate information of the Islamic insurance companies, windows, and retakaful operators in nearly 30 countries.

Shakib Abou Zeid, chief executive officer of Takaful Re (TRL), said that the Company successfully reinsured four companies of the eight takaful insurance companies in Egypt; including Egyptian Saudi Insurance House, Arab Orient Insurance Company and Egyptian Takaful Insurance Company.

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